US Natural Gas Corp. reported the purchase of leasehold in the United States that contains three producing natural gas wells. The company believes that the properties are also prospective for various hydrocarbon bearing formations.
US Natural Gas said that the purchased leasehold is 250 acres in size and is located in Wayne County, West Virginia. The company estimates that the combined production from the three wells will average 60,000 cubic feet per day of natural gas. This production would yield revenue of approximately $200,000 per year, assuming natural gas pricing of $4.50 per thousand cubic feet.
US Natural Gas said that the Fuller No. 691 well was originally drilled in 1962 to a depth of approximately 3,600 feet. The well produced from the Coniferous and McKenzie-Keefer formations.
The McGee No. 2 well dates from 1959, and also produced from the Coniferous formation. This well is at a depth of 3,610 feet.
US Natural Gas said that the McGee No. 622 well is the shallowest of the three acquired wells and was originally drilled to a depth of 1,869 feet in 1960. The well was later extended to a depth of 4,000 feet and produced from the McKenzie-Keefer and Tuscarora Sandstone formations.
For more information on the company, go to www.usnatgascorp.com
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